Unit 7-Market Intervention: Price Ceilings and Floors, Taxes Suppose that the demand curve for coffee is Q = 10 – P and the supply curve is Q = P. Draw the supply and demand curves below. 10 2 1 2 3 4 5 6 7 1. What is the equilibrium price and quantity? Equilibrium price: $5 Equilibrium quantity: 5

Unit 7-Market Intervention: Price Ceilings and Floors, Taxes Suppose that the demand curve for coffee is Q = 10 – P and the supply curve is Q = P. Draw the supply and demand curves below. 10 2 1 2 3 4 5 6 7 1. What is the equilibrium price and quantity? Equilibrium price: $5 Equilibrium quantity: 5

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8PA

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